Exam 11: Federal Government Accounting and Reporting

If a federal agency were to take a trial balance of the budgetary accounts at any point in time,what would the right side of the trial balance show?

Name the two major categories of funds reported in the U.S.Government consolidated statement of operations and changes in net position?

Which of the following actions will reduce the balance in the budgetary account "Allotments - realized resources"?

What is the federal counterpart of the state and local government "encumbrance"?

When are expenses and liabilities recognized for the federal social security program?

(Matching) Match the entity that takes the action with the nature of the action taken by putting the number of the action taken (second column)next to the letter for the entity (first column). Entity that takes action $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Nature of action taken a. Congress $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 1. Allots b. Office of Management and Budget $\quad$ 2. Appropriates c. Treasury $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 3. Obligates d. Department $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 4. Apportions e. Agency $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 5. Disburses

What is the rule regarding depreciation of federal capital assets classified as general property plant and equipment (General PP&E)?

Which of the following does not account for the differences between budgetary resources used by a Federal agency and the agency's net cost of operations?

In the federal government,which organizations make appropriations and which make apportionments?

At what point in the budgetary cycle does an agency record a decrease (a debit)to the account "Allotments - realized resources"?

What is the name of the entity that recommends accounting standards for the federal government?

Which one of the following actions requires both budgetary accounting and proprietary accounting entries in an agency's accounts?

What basis of accounting is used in the Statement of Net Costs prepared by a federal agency?

When a federal agency receives supplies that have been ordered previously,what kind of entry (or entries)is (or are)required?

A federal agency received allotments of $95,000.It does not use commitment accounting.It placed three orders totaling $70,000,received all the supplies ordered,and approved invoices totaling $73,000 for the three orders.It then consumed $55,000 of those supplies.It then placed another order for $12,000,but the agency has not yet received delivery.How much of the agency's allotment is available for additional obligation?

A federal agency that uses commitment accounting makes a commitment for supplies in the amount of $40,000.When it places the purchase order,however,the cost of the supplies is only $38,000.How is the $2,000 difference accounted for in the budgetary accounts?

When do federal agencies make an entry to record "Fund Balance with the Treasury"?

What does a credit balance in the account "Allotments - realized resources" show?

Which of the following statements is false?